Quantrix is designed to allow users to address the limitations and risks inherent to spreadsheets when developing business-critical models. According to the vendor, this solution offers unmatched capability for forecasting, planning, budgeting, risk modeling and visual analytics, and also allows users to develop ‘what if’ scenarios and model the financial and operational impact of business decisions. Additionally, the vendor says sharing insight is made easier through the creation of interactive…
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Synoptix
Score 7.5 out of 10
Mid-Size Companies (51-1,000 employees)
Synoptic provides ERP financial reporting tools and analysis. This solution is designed to deliver real-time data. The vendor’s value proposition is that their solution empowers users to create financial and operational reports with spreadsheet ease of use.
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Workday Adaptive Planning
Score 7.7 out of 10
Mid-Size Companies (51-1,000 employees)
Workday Adaptive Planning streamlines planning workflows, using AI and real-time data integration to improve collaboration and provide predictive forecasts for better strategic analysis.
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Pricing
Quantrix
Synoptix
Workday Adaptive Planning
Editions & Modules
No answers on this topic
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Quantrix
Synoptix
Workday Adaptive Planning
Free Trial
Yes
No
Yes
Free/Freemium Version
No
No
No
Premium Consulting/Integration Services
Yes
Yes
Yes
Entry-level Setup Fee
No setup fee
Optional
Optional
Additional Details
Quantrix Modeler is licensed on a per user subscription basis.
If you find yourself in the ocean of traditional spreadsheets, overwhelmed by broken links, errors, model audit problems, hardwiring, etc. here is a lifebuoy for you. If you want to have full flexibility in your budgeting and forecasting in contrast to ERPs with rigid structures and one-size-fits-all concept. If you are small or medium size company and do not want to invest in costly enterprise solutions. If you need a fast implementation https://youtu.be/5W_q5Xhw5fg
Synoptix has been great for us to allow end users access to the data and information they need to make informed decisions without letting them have full access to all ERP functions. It has also been very easy to create custom reports that meet our needs. It is also nimble enough to create quick reports that are needed with a small turnaround
We're a mid-size organization working with a shoestring budget and an IT skeleton crew...not much room to dedicate resources to a platform like this fully. Having it SaaS based is helpful for system management through their Helpdesk system, and a single platform also helps streamline the knowledge needed by our developers when integrating other business aspects to Workday.
Building complex financial planning model availing of a multidimensional data structure coupled with a powerful formula language, with the immediacy and intuitiveness typical of spreadsheets
Implement quickly model modifications (new products, new scenarios, new time periods) simply adding new "items" to "categories" (corresponding to dimensions in a multidimensional data model)
Scale up models to very large datasets with very fast computation times
Easily import data from text files, other Quantrix models and external databases via DataLink and DataNAV
Save snapshots of tables computed in Quantrix to external databases via DataPush
It helps create dynamic plans for finances, operations and various functional units in an organization all under one platform
It helps in scenario modeling to help analyze various business events and report by any number of business dimensions including channel, customer or product
It can be integrated with any system including ERP, BI or CRM
Hard to be critical of the Quantrix team as I know they strive to produce the best product possible. I suppose the next thing on my wish list would be the application of the new Solver functionality to be available in the Qloud.
A big help for new users would be a good book on transitioning from Excel or other environment into Quantrix. I know first hand it can be difficult to transition when having to learn the program through a help guide, forums and tech support. I had a lot of trial and error in my journey to producing the desired models. On one hand it was a valuable method as it taught me a lot of what not to do, but I will admit it was not the most efficient way to do things.
Would also love to see local user groups being formed at some point in the future. Quantrix puts on a fantastic conference once a year in beautiful Maine, but it is a big journey for someone in Southern California (and limited to one or two days a year). I would like to see some local chapters formed in different areas of the country so local Quantrix users can get together more often and collaborate (maybe a quarterly or semi-annual meetup?). Our Quantrix community is still relatively small and may be a difficult task for some areas, but is also the very reason why this would be great idea.
Dashboards are not the best for graphs/charts. However, I have heard of companies using the dashboards for forecasting/budgeting. I would like to see Workday Adaptive Planning demonstrate this part of the feature.
Better security or locks to prevent deleting Actuals data - you are literally one click away from doing this.
On the web-based reports, better functionality when needing to reverse the sign in calculations - right now it is only available for revenue vs. expenses.
For one we're in way too deep to not move forward with Adaptive. We're integrated with Workday, we do a ton of reporting with Adaptive, and it's working very well for planning and forecasting. No reason to look back or change course.
It didn't take long to learn how it works and has always been easy to navigate and accomplish all that we have needed. Whenever there have been any issues Synopotix has been great to address them in a timely manner and have always been able to resolve the issues we have had
It is overwhelming at first, but once you really get to know it, you realize it is fairly simple and customizable, and then it has a lot more limitations than you first thought. Realizing those limitations and finding workarounds is when you know you've mastered the software.
There haven't been any lately. The only one issue I can think of is when there was an update in Adaptive that altered our reports. Before I realized there was an issue, Adaptive reached out to let me know, so that it could be fixed.
All aspects of Adaptive Insights perform well. One area that I wish was quicker was integration. When importing data from Intacct our accounting ERP platform, it can sometimes take 4 hours for the import to process. The earlier imports are done, the quicker they complete. My estimate for a quick upload is about two hours.
Whenever we have had any questions, issues, or concerns, the support has been quick and thorough. [This] allow[s] us to be able to fully resolve any issues, or be connected with the right group quickly to attain the result we were after; be it from simple formatting to adding new detailed reporting.
This was extremely helpful so that they could walk you through the model and teach you more about the complexity of various areas. It is most helpful when it is specific to your organization's model. The larger in-person trainings were helpful but they tended to be more generic and entry level. The trainings that are more tailored to your specific needs are the most helpful.
They often times tended to be way too generic or entry level. They would also become sales pitches to upgrade or get new Adaptive Planning products. The questions in the training would be very niche and specific to other organizations. They were rarely helpful to the group at large.
Trust the expertise of very strong 3rd party implementers. Having deployed Adaptive at a separate company before, I thought I knew it all (hubris, I know). Fortunately, I began to (very quickly) trust the judgment of our Carlson implementation team, and they provided invaluable insights and best-in-class processes that have benefitted me and my team greatly.
Overall, I was not part of the ultimate decision to purchase Quantrix. I terms of user-friendliess and robust reporting capabilities I do think Tableau has Quantrix outclassed. That being said, Quantrix does provide more in-depth analyses for our relevant data and provides better modeling for our forecasts out of the box. The accuracy of the tools output is also much better
Synoptix is more oriented to users as their own developers. You do not need to understand any sort of coding or languages. If you are working in financials you just need to know your trial balance. The menus and programing are so user friendly the programming is "kinda obvious"
Workday became our choice because it is fully web-based and easily integrates with other systems. The learning curve for Workday was shorter than that of Dynamics. The reporting tools in Workday are more user-friendly than that of Dynamics. However Workday did not have Check Printing tools which are available in Dynamics. The organization started a project to digitize all financial transactions so it was not a priority feature. When it comes to scaling up the functionalities of Workday it was much easier than Dynamics.
We went from 2 users to 70+ users over a 2 year period of time. The application scaled wonderfully. 65 of those users were non-finance users so they were able to quickly learn the software and prepare budgets quickly and efficiently. That is the power of Adaptive and its ability to scale
Capacity forecasting used to take hours to calculate with a ton of manual modifications. Quantrix has automated that so a model can be updated at any time with a click of a button
The accuracy of the models is incredible. It took some tweaking to add in data scubbers, but now it runs almost flawlessly
The confidence the management teams have in the output of the model is amazing. Before, people would question the output, have you rebuild it, and then compare. Now the report comes out and the output has high confidence.
As a reporting tool it has allowed us to make fact based decisions. We have a significant annual cost with relation to our legacy system and Synoptix provides us with the best tool to mine the data that resides in our legacy system.
It's facilitated a better financial literacy and management by the non-financial managers in the company, giving them a much better ability to see what they're spending, control it, and plan better in the future.
It's hard to quantify the ease of model and version management, but we could never do what we're doing now with our current staff. It would take a small army to replicate anything close to what Adaptive pulls off using Excel, if it's even possible.
